Total monthly cost of ownership
Cost to Own a Home in Lubbock, Texas
A $198,000 home here costs
$1,886per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $81,000 a year.
A standard mortgage calculator would have told you $1,079. The real number is $807 higher every month, 75% more than the payment most buyers budget for.
Compare Lubbock County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lubbock against Lubbock County and Texas
| Measure | Lubbock | Lubbock County |
|---|---|---|
| Median home value | $197,900 | $199,600 |
| Median property tax | $3,216 | $3,119 |
| Effective tax rate | 1.625% | 1.563% |
| Median gross rent | $1,137 | $1,134 |
| Population | 261,078 | 314,633 |
The weather behind that power bill
Lubbock sits in Lubbock County, which averages a high of 93.4°F in its hottest month and a low of 27.2°F in its coldest, with 18.33" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 1,950 cooling and 3,243 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Lubbock County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lubbock County
Talk to someone who works this market
These are Lubbock averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Lubbock every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lubbock I already own here and may sell
Common questions
How much does it cost to own a home in Lubbock?
A $198,000 home in Lubbock, Texas costs approximately $1,886 per month with 20% down at 7.24%. That is $1,079 principal and interest, $268 property tax, $131 homeowners insurance, $242 utilities and $165 set aside for maintenance.
What is the property tax rate in Lubbock?
Lubbock has an effective property tax rate of 1.625%, based on a median home value of $197,900 and median real estate taxes of $3,216. That is higher than the Lubbock County average of 1.563%.
What is the average home price in Lubbock?
The median owner-occupied home value in Lubbock, Texas is $197,900, against $199,600 across Lubbock County.
Is it cheaper to rent or buy in Lubbock?
Median gross rent in Lubbock is $1,137 a month, against $1,886 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Lubbock?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lubbock, Texas at today's rate takes a household income of roughly $81,000 a year. That covers the full $1,886 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lubbock, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Texas.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.